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“It is my intent to spend down the reserve until it is of a much smaller size, while still allowing the Bureau to successfully perform its functions, before making an additional financial request of the Board,” Mulvaney said.

The letter – made public one day after the CFPB announced a top-to-bottom examination of agency functions – is the latest sign of how the Trump administration plans to curb its aggressive oversight of the financial services industry.

Earlier this week, the CFPB said it also plans to revisit a rule targeting high-interest payday loans and the first target of its review of agency functions will be procedures for investigating financial firms that the industry has criticized as unduly burdensome.

Mulvaney, who also serves as director of the Office of Management and Budget, was named to oversee the CFPB after the departure of Director Richard Cordray, who is now running for the Democratic nomination for governor in Ohio.